Goldman Sachs (GS) earnings Q2 2025

Goldman Sachs is scheduled to report second-quarter earnings before the opening bell Wednesday.

Here’s what Wall Street expects:

• Earnings: $9.53 per share, according to LSEG
• Revenue: $13.47 billion, according to LSEG
• Trading Revenue: Fixed income of $3.28 billion, equities of $3.65 billion, per StreetAccount
• Investing Banking fees: $1.9 billion, per StreetAccount

Goldman Sachs is set up to be a beneficiary of several trends in the second quarter.

Trading desks across Wall Street have benefited as President Donald Trump’s tariff policies have roiled markets for bonds, currencies, commodities and stocks.

Investment banking activity including mergers and debt issuance has exceeded expectations at rivals including JPMorgan Chase thanks to a sharp rebound in asset values from April lows.

That recovery in stock prices also bodes well for the firm’s asset and wealth management division.

Goldman Sachs gets the majority of its revenue from Wall Street activities including trading and investment banking. That can lead to outsized returns during boom times and underperformance when markets don’t cooperate.

Shares of the bank have climbed 23% this year.

On Tuesday, JPMorgan, Citigroup and Wells Fargo each posted results that topped analysts’ expectations for earnings and revenue.

This story is developing. Please check back for updates.